Less than two weeks after its IPO, Circle Internet’s market capitalization has surpassed that of nearly half of the S&P 500’s companies.

Circle Internet Group shares surged Wednesday, a day after the Senate passed a bill that would set up federal boundaries for the use of stablecoins.

Shares of Circle Internet Group Inc (NYSE: CRCL), the issuer of the USDC stablecoin, continued their meteoric rise on Monday, hitting new highs in another volatile session. The rally extends a powerful run since the company's blockbuster IPO on June 5.